can Pub ltd co be a partner of a firm

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Meenakshi (Querist)

16 February 2009 Can a Public limited Company(INDIAN) be a partner of a Partnership firm (INDIAN) according to Indian laws? If yes then what is the procedure should be followed?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

16 February 2009 Yes. A public limited company can be a partner in a partnership firm.

Step 1 : Conduct the board meeting.

Step 2 : Bring the subject of joining a partnership firm. The same has to be discussed in detail alongwith investment propsed.

Setp 3 : Pass a resolution to that effect.

Step 4 : Check section 372A of the companies act.

Step 5 : Comply with all the provision of Section 372 A.

Step 6 : File form 23 to Roc.

Setp 7 : Create partnership deed, register the same.

Setp 8 : Then invest.

Step 9: Enter the details in the investment register.

Step 10 : Conduct board meeting and authorise one director to monitor partnership activities.

Meenakshi

Meenakshi (Querist)

16 February 2009 Thanks for the reply, but could u please tell me if it is not attracted by sec 372 then form 23 should be filed or not.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

16 February 2009 Even then you have to file form 23 because you are registering with roc the important resolutions passed by the board.

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